Snapshot Profiles - Build Your Decentralised Governance Reputation - Decentralise #49
Decentralised Identity with Snapshot and 3Box
Snapshot and 3Box
This week Snapshot integrated 3Box to provide decentralised identity.
Now governance participators can demonstrate their activity and build reputation.
I’m optimistic that this is a step forwards for governance and will lead to greater participation across many decentralised communities.
Snapshot
Snapshot was released by Balancer Labs and provides a gas-free way for decentralised communities to signal their support or opposition for proposals.
Anyone can create a Snapshot proposal, causing a snapshot to be taken of the community’s token holders. Participants can signal their support for the proposal, signing a message from their address without paying for a transaction.
Many communities have opened a Snapshot space and the platform has reduced a lot of the friction preventing participation.
High gas costs have prevented a lot of people from getting involved and gas-free voting has been a big step forwards.
It’s something we’ve really benefited from at PieDAO, and community members are regularly putting proposals to the vote. The YPIE (Yearn Ecosystem Pie) Snapshot vote passed earlier today.
Reducing gas costs as a barrier to entry is on the top of our priority list, and that was the driving force behind our newly launched Oven that allows anyone to mint pies gas-free.
Snapshot’s work here is greatly appreciated.
Decentralised Identity
With 3Box Snapshot users will be able to build up a reputation profile as they participate.
3Box provides decentralised profiles, authentication, messaging and much more.
It works through cloud storage, and has already been implemented with Aragon, EthDenver, Metamask, MolochDAO, Gnosis, DAOstack and many more.
Conclusion
I’m happy to see more decentralised governance features in the space, and I think it’s likely that this integration will lead to an increase in decentralised governance participation across the defi ecosystem.
Building in decentralised identity will likely incentivise participation, motivating users to progress and grow their reputation. It could also potentially form the basis of other features, rewards and integrations.
I’m looking forward to exploring this and also can’t wait for the upcoming collaboration between Balancer and Aragon, which will see off-chain voting connected with on-chain governance execution.
